Monitoring Agency Report for half Year ended 30-09-2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Patel Chem Specialities filed its statutory Monitoring Agency Report from Infomerics Valuation and Rating Ltd covering IPO fund usage for H1 FY26. The company raised Rs. 58.80 crore via a public issue in July 2025 (70 lakh shares at Rs. 84 each), netting Rs. 51.55 crore after issue expenses. Of this, Rs. 9.36 crore was deployed by September 30, 2025 — Rs. 4.50 crore as advance payments to turnkey contractor J & H Pharma Consultants for a new plant at Indrad, Mahesana, and Rs. 4.86 crore for general corporate purposes including salaries, statutory dues, and GST on issue expenses. The remaining Rs. 42.19 crore sits in fixed deposits with Axis Bank (Rs. 38.64 cr at 6.60%), a public issue account balance (Rs. 0.35 cr), and an unutilized cash credit limit (Rs. 3.55 cr). The agency reported no deviation from stated objects and no delay in project execution, with the new greenfield facility targeted for commissioning by March 2026.
Clean report with no deviations is mildly positive for shareholders, confirming disciplined use of IPO money. However, a notable point is the turnkey contract value of Rs. 45 crore versus the originally disclosed Rs. 43.15 crore estimate, suggesting potential capex overrun risk worth tracking as the Mahesana plant build progresses.